Cette étude aborde le sujet de l’arbitrage de l’offre-finale. L’étude vise tout d’abord à présenter la particularité de ce mécanisme arbitral au travers du prisme de l’arbitrage salarial pratiqué au baseball. Elle vise ensuite à promouvoir l’utilité de ce processus au sein de ce cadre sportif en proposant son emploi pour régler les litiges relatifs à la détermination du montant des indemnités de transferts des footballeurs professionnels européens. / The following is a case-study about final-offer arbitration. The first objective is to describe the uniqueness of this mechanism in the context of baseball salary-arbitration. The second is to promote the utility of this process, in the context of baseball salary-arbitration. For instance, it advocates for its use to determine appropriate fees to be paid for professional european soccer players transfers.

Welfare of families with children In my thesis I dealt with welfare of families with children, because it is a topic that is relevant to everyday part of human life, and has been since its conception. The aim was to give an overview of the basic institutes of ensuring welfare of these families with respect to the near future. But the focus was not put only at social welfare as such, but I tried to give an overview of the most important institutes as well as other branches of the law, where I find elements of social welfare either in the form of material welfare, or any other form of protection of people with dependent children, as e.g. their advantage over people who do not care of dependent children. The first chapter deals with the security of families who are expecting a child and with the period after his/her birth. Family Safety in this period is mainly based on the legislation sickness, from which was one of my sources when examining this topic. The second chapter describes the circuit of social welfare benefits to which a family, during the period following the birth of a child, is entitled. This chapter is based on the law of the state social support. The third chapter presents a range of benefits in material need and concept of subsistence. Here I primarily discussed the Act on poverty and the law...

L’industrie de la finance a connu une multiplication d’innovations qui peuvent bouleverser les services financiers traditionnels. Elles brouillent les frontières entre banques et start-ups, accélérèrent les transactions, démocratisent l'accès au crédit, tout en imposant aux régulateurs le défi de construire un cadre règlementaire qui rééquilibre le compromis entre stabilité financière, concurrence innovation.Dans cette thèse, d'abord je réponds à cette question : comment les innovations influencent-elles la concurrence dans la banque de détail ? Un premier enjeu consiste à comprendre pourquoi certains de ces services innovants sont offerts par les plateformes non-bancaires, et comment les banques peuvent rivaliser avec des participants qui appliquent un modèle d'affaire différent. Après, je regarde quels sont les facteurs d’adoption de l'innovation par les consommateurs. Pour répondre à cette question, j'étudie à l'aide d'outils d'analyse empirique l'exemple des deux principales plateformes de prêts peer-to-peer aux USA, Prosper et LendingClub. Pour terminer, je me demande si la réglementation de l'innovation est nécessaire. Est-il optimal pour la société de réglementer les fournisseurs de services innovants ? Je propose deux modèles théoriques qui s'inscrivent dans les débats bien connus sur le niveau optimal des interchanges dans les systèmes de cartes de paiement et des clauses de parité des prix et d'exclusivité sur les plateformes en ligne. / During the last years, the finance industry has experienced a proliferation of innovations which may disrupt traditional financial services. They blur the boundaries between banks and financial start-ups, speed up transactions, democratize the access to credit, revise how we can purchase goods and how merchants can sell their products, while imposing regulators the challenge for a new level playing field which balances the trade-off between financial stability, competition and innovation. In this thesis, I try to answer to three main issues related to the topic of innovation in retail banking. Firstly, how do innovations impact competition in retail banking. One first issue is to understand why some of these innovative services are offered by non-bank platforms and how can banks compete with entrants that do not have the same business model. Secondly, I look at what the drivers of the adoption of innovation by consumers in retail banking are. What determines the diffusion of a new financial technology despite all the financial risks related to it ? To answer to these questions, I will look empirically at the example of the two main peer-to-peer lending platforms in the USA, Prosper and LendingClub. Third, I address the question on whether regulation of innovation is necessary. Is it optimal for the society to regulate the providers of innovative retail banking services? To answer to these questions, I address, in two theoretical models, the well-known debates on the optimal level of interchange fees in payment card systems and the imposition of exclusivity arrangements and price parity clauses in contracts between platforms and merchants.

由於人口快速成長使得土地開發行為頻繁，都市在面臨土地開發不公平與無效率，以及可預見未來都市建設財政更行拮据的情況下，提昇都市環境品質的理想似乎遙不可及，因此，針對都市土地開發所面臨的課題，如何建立一套公共設施費用負擔的制度，實刻不容緩。而美國地方政府所實施之土地開發衝擊費制度為都市成長管理之一種策略，隱含都市成長付費及使用者付費理念，似可引入我國都市土地開發系統中，此乃本研究之出發點。 　　本研究之進行，主要針對都市土地開發過程中，透過相關理論、制度探討，從其中檢討開發管制之缺失，並介紹美國土地開發衝擊費制度實施經驗，以其為基礎建立都市成長付費應有之觀念和原則。同時，並透過影響地方公共支出之各種因素分析及市鄉鎮長問卷調查，瞭解人口規模對公共支出的影響效果及市鄉鎮長對土地開發衝擊費之態度。最後，從公平、效率、財政及行政的觀點，探討其在臺灣地區實施之可行性。 　　在問卷調查的結果上，市鄉鎮財政明顯困難，且強烈希望有獨立課稅權；對於課徵土地開發衝擊費則偏向肯定的態度。在公共支出的實證分析上，本研究發現人口規模對地方公共支出有規模經濟與不經濟的現象，其可作為課徵土地開發衝擊費之基礎，而已達規模不經濟之都市，為較適合的實施對象。 　　在可行性分析上，本研究認為必須以立法依據為先決條件，透過合理關聯之計算、具有公信力之仲裁，以及會計支出之有效規範，才能使該制度順推動。 / Rapid population growth results in frequent land development. Improvement of the quality of urban environment seems to be a remote dream due to the unfair and inefficient urban land development and insufficient urban construction expenditures. In this connection, when facing urban land development problem, establishment of a system of sharing the expenditure of public facility construction warrants no delay. The land development impact fees implemented in the local government of the U.S., being a strategy of urban growth management embodies the idea of paying for growth and user charge. This measure deserves to be introduced into our urban land development system for reference and this is also the main starting-point of this study. 　　In the process of this study,its main stress is focused on evaluation of the drawbacks of development control through related and system and introduction of development impact fees system and implementing experience of the U.S.land development into ours. On the basis of that system and experience,the idea of paying for growth and user charge can be established.At the same time, through the analysis of factories of factories affecting local public expenditure and the investigations on questionnaires of chiefs,mayors and magistrates of cities and counties,the impact of population scale on local public expenditures and attitude of these mayors and magistrates toward the land development impact fees can be understood. Finally, whether the above-mentioned U.S.system can be implemented in our country can be examined through fairness, efficiency,financial and administrative points of views. 　　In the results of questionnaires, financial difficulty and strong intentions on independent tax-levying authority were expressed by city and villages.They also expressed a positive attitude of levying the development impact fees.When analyzing the actual case of public expenditures,this study finds out that population scale can results in economics of scale and diseconomics of scale in local public expenditures. This can be served as the basis of levying of land development impact fees and those cities of diseconomies will be suited for implementation. 　　In the analysis on its feasibility,this study considers that the legislation is prerequisite and this system can be implemented through rational nexus calculation, a credit arbitration and defective regulation of accounting expenditure.

Cette étude aborde le sujet de l’arbitrage de l’offre-finale. L’étude vise tout d’abord à présenter la particularité de ce mécanisme arbitral au travers du prisme de l’arbitrage salarial pratiqué au baseball. Elle vise ensuite à promouvoir l’utilité de ce processus au sein de ce cadre sportif en proposant son emploi pour régler les litiges relatifs à la détermination du montant des indemnités de transferts des footballeurs professionnels européens. / The following is a case-study about final-offer arbitration. The first objective is to describe the uniqueness of this mechanism in the context of baseball salary-arbitration. The second is to promote the utility of this process, in the context of baseball salary-arbitration. For instance, it advocates for its use to determine appropriate fees to be paid for professional european soccer players transfers.

De uppgifter som revisorn presenterar i sin revisionsberättelse bör intressenter och företag ha förtroende för. Revisorn ska vara en oberoende länk mellan intressenter och företag. Läsaren förväntar sig finna eventuella ekonomiska problem i årsredovisningen. Detta är dock inte alltid fallet. Det är viktigt att revisorerna kan göra en pålitlig bedömning över företagets möjligheter till fortsatt drift. Beslut om going concern-varning måste grunda sig på oberoende och god kunskap om företagets situation. En felaktig going concern-varning kan orsaka problem och intäktsbortfall för både företaget och revisionsbyrån. Intressenterna kan förlora förtroendet för företaget och företaget kan i sin tur byta revisor. Studien fokuserar på huruvida revisorerna kan vara sparsamma med att utge going concern-varning för att inte riskera att förlora företaget som klient och därmed förlora revisionsintäkter. Därför undersöker studien om det finns ett samband mellan förlorade revisionsarvoden och utfärdandet av en första going concern-varning bland svenska företag. Studien vill också visa ifall en going concern- varning ökar sannolikheten för konkurs den s.k. självuppfyllande profetian. Ett bidrag till tidigare forskning är att studien beaktar revisionsuppdragets längd i förhållande till going concern-varning. Från databasen Affärsdata har 432 företag selekterats ut från bokslutsåret 2009. Av dessa hade 216 erhållit en going concern- varning. Denna testgrupp har sedan jämförts med en kontrollgrupp med samma antal som varit finansiellt stressade men inte erhållit någon varning. Studien har använt SPSS som statistiskt program för att kunna göra önskade beräkningar. Studiens resultat visar at det finns ett samband mellan en första going concern-varning och revisorbyte. Studien visar också att längden på revisionsuppdraget påverkar benägenheten att ge en going concern-varning. Däremot finner undersökningen inte något belägg för den s.k. självuppfyllande profetian. / The information that the auditor provides in their audit report should be valid in the eyes of the stakeholders of the company. The auditor should be the independent link between the company and its stakeholders. When reading the audit report, one expects to find all the possible economic problems identified in it, however this is not always the case. It is crucial that the audit of a company’s going concern is reliable. Decisions regarding going concern-modified opinions should be independent and be based on valid information regarding the company’s economic situation. One faulty going concern-modified opinion can set off a whole range of issues and revenue loss for both the company and the audit firm. Consequently stakeholders can lose their trust in the company resulting in a change of audit firm. This thesis is focused on whether or not auditors might be reluctant to hand out going concern-modified opinions in fear of losing a client and the revenue associated with it. Therefore, the thesis investigates whether or not there is a relationship between lost revenue and the first instance of issuing a going concern-modified opinion for Swedish companies. This thesis is also investigating whether the issuance of a going concern-modified opinion will increase the possibility of the company going bankrupt, the so-called self-fulfilling prophecy. A contribution to the previous research regarding the going concern issue is the consideration of audit tenure. We have used 432 companies with fiscal year 2009 extracted from the database Affärsdata. Out of this selection, 216 had been issued a going concern-modified opinion. This test group is then compared to the control group with the same number of companies that were identified as financially distressed but without receiving a going concern- modified opinion. The thesis has used the statistical program SPSS to complete the calculations needed to complete the analysis. The result shows a positive relationship between the first going concern-modified opinion and the change of audit firms. The period of time the auditing requires also effects the predisposition to issue a going concern-modified opinion. However the study was unable to find any statistical evidence for the so-called self-fulfilling prophecy.

Cette étude cherche à clarifier les trajectoires de l’intégration des immigrants iraniens travaillant comme chauffeurs de taxi à Montréal. En effet, les conclusions de certaines études portant sur l’amélioration de l’insertion professionnelle des immigrants à moyen et à long terme étaient en opposition avec l’état actuel d’immigrants qualifiés travaillant toujours dans l’industrie du taxi après cinq, dix, quinze ans ou même plus après leur arrivée, bien que plusieurs avaient déjà une formation universitaire avant leur arrivé au Canada. Effectuée dans le cadre des études sur l’intégration des immigrants en général et en particulier au Canada et au Québec, cette recherche fait ressortir des résultats plus larges que les expériences de ce groupe après son arrivée dans le pays d’accueil en incluant les attentes et les motifs avant le départ. L’utilisation d’une démarche plutôt qualitative à partir des expériences et des trajectoires d’environ une quarantaine de chauffeurs de taxi travaillant dans une société de taxi montréalaise dont la majorité des travailleurs sont iraniens a permis de dépasser les difficultés liées à l’étude de ce groupe ainsi que d’en approfondir la connaissance. Cette étude se divise en deux parties. La première familiarise le lecteur avec l’histoire de l’immigration et celle des Iraniens au Canada ainsi qu’avec le cadre conceptuel et l’approche méthodologique de cette recherche. La deuxième partie, présentant les résultats, révèle le fait que plusieurs dans ce groupe d’immigrants n’ont pas eu accès aux droits de scolarité réduits offerts aux résidents québécois avant la régularisation de leur demande d’asile, ce qui a eu pour résultat de freiner leur grand désir de poursuivre des études au Canada. Ce blocage les a confinés dans des emplois de bas niveaux. Les cours peu avancés de français offerts aux immigrants n’ont pas pu les préparer à accéder aux bons emplois. Également, ce groupe a rejeté l’aide des agents d’emploi à cause des bas niveaux d’emplois que ceux-ci offraient. Alors que les périodes de chômage ont pu encourager certains à poursuivre leurs études, la discrimination après le 11 septembre 2001 a barré leur accès aux emplois qualifiés. La communauté iranienne n’a pas contribué à l’accès de ses membres aux emplois qualifiés à cause de son émergence récente au Canada. Ainsi, pour certains, le partenariat avec des compatriotes qu’ils connaissaient à peine et non experts dans la création d’entreprises, qui de plus ne se préoccupaient pas des exigences du métier, a abouti à leur fermeture. La comparaison entre les emplois déjà occupés et les avantages matériels et non matériels du taxi a mené ce groupe à recourir à ce métier. Pourtant, ses désavantages ont causé le départ non réfléchi de certains du Québec, mais ils sont revenus par la suite. Les traits culturels de ce groupe dans une société ethnique de taxi bien réglementée ont permis d’améliorer le fonctionnement de cette société. Enfin, malgré le désir de bon nombre de ces immigrants de changer d’emploi, l’analyse suggère que la probabilité reste, pour la majorité, peu élevée. / This study examines the integration trajectories of Iranian immigrants working as taxi drivers in Montreal, Canada. Participants in this study were still working as taxi drivers after five, ten and fifteen years or more after their arrival, although some had a university degree. Thus, the conclusions of this study differ from the results of other studies in the degree of success immigrants achieve in terms of professional insertion in the medium to long term. This research emerged from a review of studies which focused on issues related to the integration of immigrants, specifically in Canada and Quebec. This paper presents broader results by recording, reporting, and investigating participant expectations and motivations prior to departure, and their experiences and motivations after their arrival in the country of reception. Using a qualitative methodology, data was collected on the life-experiences and the professional trajectories of forty immigrants working as drivers at a Montreal taxi company. The majority of the subjects were Iranian, which removed potential difficulties in the research process, and allowed the researcher to explore specific issues in greater depth. The first part of this study aims to familiarize the reader with an overview of the history of immigration in Canada, and more specifically the history of Iranian immigration patterns in Canada, and to present the conceptual framework and methodological approach used in this research. The second part documents the participants’ stories and discusses the findings. After being denied access to subsidized post-secondary education, and after trying a number of low-level jobs, participants identified taxi driving as most advantageous in terms of income and working conditions. The discussion of the results reveals a number of key phenomena that directly contribute to the low success rate of professional integration of Iranian immigrants into the Quebec economy. These phenomena include an initial lack of access to subsidized, post-secondary education for asylum seekers prior to the granting of permanent status in Canada; the inadequate level of French language preparation through government funded courses; the inadequacy of public job-seeking agencies to advertise anything other than low-level jobs; subtle post 9/11 discrimination in the employment market, and the inability of the relatively new Iranian community in Canada to provide social and professional support and resources to new immigrants as they seek appropriate professional employment. A number of participants formed business partnerships with other Iranian immigrants. However, these partnerships were between partners who barely knew each other, and in every case, a lack of technical expertise and business know-how led to the collapse of the businesses. Frustration with their ongoing low level of professional integration in Quebec led a number of participants to leave Quebec in search of greater professional satisfaction. These decisions were often made without considering the realities of the move and with little or no forethought to integrating into another new environment. As a result, all of the participants who left Quebec have since returned. While other studies have been critical of the cultural and work behaviours of Iranian immigrants, this study has found that these same characteristics, when observed within the parameters of a well managed work environment, have had a positive impact on the performance and functioning of the Montreal taxi company. While it remained the wish of the majority of the participants in this study to find more satisfying, professional employment, in the final analysis, the findings of this study suggest that under the current conditions, the majority of these participants will continue to drive taxis.

This research focuses on problems encountered by School Governing Bodies (SGBs) in executing their financial task in four schools situated in the Ramotse Area, Hammanskraal, north-east of the city of Tshwane. The research methodology, which was employed, can be described as qualitative, exploratory and descriptive by nature. Data was collected by means of two focus group interviews, one involving the chairpersons of SGBs and the other involving the managers of the same schools. An analysis of the data has revealed a number of financially related problems, which SGBs in the Ramotse Area experience, amongst other things that parents fail to meet their financial obligations and subsidies tend to arrive late. The most important recommendation made is that SGBs should be trained both better and more frequently. / Educational Studies / M. Ed. (Education Management)

Submitted by Adalto Acir Althaus Junior (adaltojl@yahoo.com.br) on 2017-03-20T19:06:20Z No. of bitstreams: 1 Tese2_AdaltojL-V_final_corrigida.pdf: 1890382 bytes, checksum: 4a35dbb3a389546a0654556227bf3070 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2017-03-20T19:09:02Z (GMT) No. of bitstreams: 1 Tese2_AdaltojL-V_final_corrigida.pdf: 1890382 bytes, checksum: 4a35dbb3a389546a0654556227bf3070 (MD5) / Made available in DSpace on 2017-03-20T20:24:40Z (GMT). No. of bitstreams: 1 Tese2_AdaltojL-V_final_corrigida.pdf: 1890382 bytes, checksum: 4a35dbb3a389546a0654556227bf3070 (MD5) Previous issue date: 2017-02-20 / This study aims to investigate the risk shifting behavior of mutual funds to test the hypotheses that managers have incentives to raise risk. We evaluated the effect of performance fees on the level of risk, risk shifting and mutual fund's performance to assess agency costs differences between both mutual funds - with and without performance fees. We observed the mutual fund's volatility level and its changes imposed by the managers. Volatility was estimated by a standard deviation of returns in the last 12 months. The change on the level of risk measured was the risk shifting, that is, the difference between a mutual fund's current portfolio holdings volatility and its past realized volatility, both estimated over past 12 months' period. We used a sample of 203 Brazilian mutual funds which covered the period from 2009 to 2015. We used data from stock prices, Brazilian bonds prices, BDRs prices and the characteristics of these funds. When funds have higher monthly returns, they tend to run negative risk shifting; when they have lower monthly returns, they tend to seek risk by doing positive risk shifting. When the funds decrease their risk (negative risk shifting), they tend to perform better. It is possible to ensure that the funds which charge performance fee have superior performance if compared to those that without performance fee. Also, they have greater positive risk shifting and lower negative risk shifting. However, funds that charged performance fees presented lower levels of risk. These findings suggest that the performance fee can contribute to align interests between mutual funds and their investors. These results are more in accordance to the behavior of risk-averse managers who used their stock selection or market timing ability to ensure a desirable minimum performance, rather than use maximum effort to looking for extraordinary returns. / Este trabalho investiga o comportamento do deslocamento de risco (risk shifting) nos fundos de investimento em ações e suas consequências sobre o desempenho, para examinar a hipótese de que os gestores têm incentivos para elevar o risco dos fundos. Estuda o efeito da taxa de performance sobre o desempenho, o nível de risco e o risk shifting dos fundos para identificar diferenças nos custos de agência entre os fundos que cobram e os que não cobram taxa de performance. Essa avaliação é feita observando-se o nível de risco dos fundos e as variações impostas pelo gestor em torno do nível de risco operado pelo fundo. O risco é medido pelo desvio padrão do retorno mensal realizado pelos fundos nos últimos 12 meses. O risk shifting dos fundos é medido como a diferença entre a volatilidade de um retorno mensal hipotético, estimado a partir das carteiras divulgadas pelos fundos, e a volatilidade do retorno mensal realizado, ambos sobre os últimos 12 meses. A amostra contou com dados de 203 fundos brasileiros de investimento em ações no período de 2009 a 2015. Foram utilizados dados de retorno das ações da BM&F Bovespa, títulos públicos, BDRs e cotas de fundos de investimento, além das características dos fundos. Quando os fundos têm maiores retornos mensais, tendem a fazer risk shifting negativo; quando têm menores retornos mensais; tendem a buscar risco, fazendo risk shifting positivo. Quando os fundos fazem risk shifting negativo tendem a ter desempenho melhor. É possível afirmar que os fundos que cobram taxa de performance têm desempenho superior àqueles que não cobram, fazem maiores risk shiftings positivos e menores negativos. No entanto, fundos que cobram taxa de performance apresentam menores níveis de risco. Esses achados sugerem que a taxa de performance é um instrumento capaz de contribuir no alinhamento de interesses entre os fundos de investimento em ações e seus investidores. Esses resultados estão mais alinhados com o comportamento de gestores avessos a risco, que usam sua habilidade de seleção de ativos ou market timing para garantir um desempenho mínimo desejável, em vez de imprimir esforços para buscar retornos extraordinários.

The aim of this study was to investigate the implementation and sustainability of Free Primary Education (FPE) in Swaziland in terms of the interplay between policy and practice. The study was undertaken in four schools in the Manzini region of Swaziland. The schools were purposively sampled on the basis of their location. The participants consisted of the head teacher, a teacher and a parent, and six learners from each of the schools. Two Ministry of Education and Training (MoET) officials were also included; a regional inspector for primary schools stationed at the Manzini Regional Education Offices (REOs) and a senior official stationed at MoET headquarters. A qualitative approach and a case study design were used. The participants were interviewed using semi-structured interview schedules, while the learners were engaged in focus group interviews at each school which were conducted according to a focus group interview schedule. Documents were also used as data sources. Data was analysed using a thematic and document analysis approach. The findings revealed a disconnection between policy and practice. FPE implementers are not well versed on the policies they are supposed to implement as they were not included in the policy-making process. Moreover, no consideration had been given to the legal framework underpinning FPE. It was found that the sustainability of FPE is threatened by certain indirect costs of schooling as well as the top-up fees that are being charged illegally by some schools, resulting in some learners dropping out of school – defeating the purpose of FPE and violating their right to access education. It would appear that the most contentious issue for FPE in Swaziland is the top-fee, although the head teachers were of the view that the FPE grant paid by government is inadequate for running schools and therefore top-up fees are necessary. Problems were also identified with the embezzling of school funds by head teachers. These issues have led to tension between schools and the MoET / Educational Leadership and Management / D. Ed. (Education Management)